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Ghana’s economy provisionally grew by 4.5 per cent in July 2025, driven largely by strong performance in the services sector, according to the Ghana Statistical Service (GSS) Monthly Indicator of Economic Growth (MIEG). This growth is lower than the 8.3 per cent recorded in the same period last year.
The report revealed that the services sector grew by 6.4 per cent in July 2025. The maiden MIEG, a volume index capturing monthly changes in economic activity, focuses on agriculture, industry, and services sectors.
Speaking at the release of the MIEG report in Accra, Government Statistician Dr Alhassan Iddrisu explained that the decline from 8.3 per cent in July 2024 to 4.5 per cent in July 2025 was due to the government’s consolidation programme, noting that “in periods of consolidation, growth plummets.”
Dr Iddrisu said the services sector contributed 58.4 per cent of the 4.5 per cent growth, indicating continued strong performance. The agriculture sector improved by 8.0 per cent, compared to 2.4 per cent in July 2024, contributing 37.1 per cent of the total growth.
He noted that industry performance moderated, recording a MIEG of 0.1 per cent in July 2025, down from 17.7 per cent in July 2024, contributing 0.9 per cent to overall growth.
“The MIEG is the first of its kind in Ghana and provides a high-frequency measure that tracks changes in economic activities monthly,” Dr Iddrisu said. He noted that the data is provisional and will be updated as new information is collated.
He added that the launch of the MIEG is a milestone for Ghana’s data ecosystem, empowering decision-makers with timely statistics to guide policy, planning, and projections. “For the first time, we can see the pulse of our economy more frequently, monitoring activities in agriculture, industry, and services month by month,” he said.
Dr Iddrisu explained that the MIEG will complement the official quarterly GDP releases, helping the government, businesses, households, and stakeholders anticipate economic shifts and respond quickly.
The MIEG was developed using data from multiple sources, including the Ministry of Food and Agriculture, Forestry Commission, Fisheries Commission, Minerals Commission, Ghana National Petroleum Corporation, Ghana Revenue Authority, Bank of Ghana, National Communication Authority, Ghana Water Company, Volta River Authority, COCOBOD, Diamond Cement, National Insurance Commission, Controller and Accountant General’s Department, and Ministry of Finance.
Dr Iddrisu expressed gratitude to the International Monetary Fund, the UK Office of National Statistics, and the ODI for their technical support in developing the report.
BY KINGSLEY ASARE & ALBERTA BONSI
